SEC Names 4 Blacklisted Italian e-Commerce Companies, Warns Investors

SEC Names 4 Blacklisted Italian e-Commerce Companies, Warns Investors

  • Nigeria’s capital market regulator, the Securities and Exchange Commission (SEC) has warned Nigerians about investing in blacklisted firms
  • SEC said the blacklisted firms are Italian companies which deal in unauthorised trading
  • The companies are e-Commerce platforms blocked by Italian government for fraud and unauthorised trading activities is celebrating business personalities of 2022. See top entrepreneurs of Fintech, Startup, Transportation, Banking and other sectors!

Nigeria’s Securities and Exchange Commission (SEC) has sounded alarmed about investing in four blacklisted Italian e-Commerce platforms.

SEC warned Nigeria’s investing public to stop dealing with the four companies.

SEC, Italian firms, blacklisted
Securities and Exchange Commission Director General, Lamido Yuguda
Source: UGC

Companies blacklisted for fraud

In a statement issued by SEC on its website, SEC said the Italian authorities blocked the four companies over fraudulent trading activities.

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The statement by SEC said SEC received a report that the Italian securities regulator, Commissione Nazionale per le Societa’e la Borsa, blacklisted the four platforms and blocked their sites for fraudulent activities and offering unauthorised financial services.

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Per SEC, the report by the Italian online financial services providers takes advantage of their operations and limited understanding of most investors to hide details of their activities and plunge investors into taking uninformed decisions.

Report says that the Italian regulator asked investors to employ the greatest diligence to make informed decisions.

Blacklisted companies named

  • SEC listed the four companies as:
  • Tetris Group Limited
  • Broker Capitals Limited
  • MTInvesting
  • NBIMarkets

According to SEC, the companies are unregistered in Nigeria, and their investment methods are illegal.

Google begins removal of loan apps without FCCPC license from store

Recall that reported that Google has said it will begin to remove loan apps without licensing documents from Play Store in line with its new policy guideline.

Following the new guideline from the tech giant, loan apps operating in Nigeria are now required to provide approval documentation from the Federal Competition and Consumer Protection Commission (FCCPC) or be removed from the Store from January 31, 2023.

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The new Google policy guidelines affect loan apps in Nigeria, Kenya, India, the Philippines and Indonesia, known to be the operational bases of unregistered loan apps. According to Google, the policy applies to apps offering loans directly to customers with third-party lenders.


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